How to merge/morph/transform an object into another object in Blender?
Took a while, but found the answer watching an Olav3D Tutorial on Transformation Animations:

Basic Steps:

Add two objects (Object A [Default Cube] and Object B [Suzanne])
Add shrinkwrap modifier to Suzanne, select target--&gt; Default Cube
Apply shrinkwrap modifier as shape key
In Object Data Properties Panel, edit shrinkwrap shape key: Increase shrinkwrap value to 1.0 (this shrinks it down to default cube size)
Click &quot;i&quot; to insert keyframe
Go to frame 100
Decrease shrinkwrap to zero
Click &quot;i&quot; to insert another keyframe
Set up camera and add materials, background, and lighting to taste
Edit render output settings (resolution quality, render samples, etc) to taste
If adding a material to Suzanne, add it to the default cube as well
Change render end frame to 130
Change file format output from PNG to AVI JPEG
Set render output quality to 100%
Render animation and voila! We're done, we successfully transformed(merged/morphed) Object-A into Object-B along the timeline.

Final Result (Better late than never!)